All Forum Posts by: Florian N.

As far as i know some of the new zoning laws are county dependent and not township. Which county are you looking at as the Poconos spans across a few counties? 

@Chris K. You're right, this is an upset sale not sure what my brain was thinking. Thanks for the correction. @Ben Corby might have other options depending on the mortgage balance and property value if interested on taking over the balance.   

@Ben Corby You bought a second lien position on the property. A foreclosure initiated by Ocwen won't touch your credit at all as you are in a second lien position and not a direct holder of the loan/mortgage.

If the foreclosure starts you might be able to recoup the money or lose it. Also you can't do anything on the property you bought, you can't collect rent from the owner, nada.

In the worst case you will loose what you put in. 

If you want send me the property PIN, i would be interested to take a look at the mortgages on it assuming this is in Lackawanna county. 

@Mark Cherv Michael is probably talking about mini-split systems: http://www.fujitsugeneral.com/us/residential/what-is-a-mini-split.html  

Gross Income$: 16,800; Net Income$: 11,484; from what i can see coming from this property. 

What makes you think they will accept anything close to 50K in an area like Clarks Summit with that yearly income from the property? Property looks to be worth at least north of 120K as a starting point in current state(maybe even more), but that is just my opinion. 

Also the fact that is on the market for a while with no price drop should tell you something as well.

@Wayne Brooks Thanks, after you mentioned it i went and looked at the comps and indeed all have seller concession on them. Damn it.

@Brie Schmidt It was my understanding as well that financing type doesn't matter, haven't see this before.

Practically each one of the 3 comps he used was bought FHA and the appraiser deducted $7500 from each one's sell price bringing the value of our property down.

We just had an appraisal done against a property for a refinance and the appraisal came in lower than expected.

What struck me is the fact that the appraiser used comps which have sold as FHA and so he deducted $7500 from the price on each of these comps . The refinance is not FHA but conventional.

Question is why would he use these comps when we aren't dealing with a FHA refinance and why would the fact that those properties were bough using FHA loans impact the price on our property in any way?

The refinance will go thru but i'll have to drop an extra $500 in closing. 

@Matthew Dunn I am not a fan of adjustable rates, more to it when it comes to my main residence. Rates are still low, i would refinance to a fixed rate with cash out if i would be you and use that money to finance your new purchases. 

On the other end if you don't want to fully refinance and change to a fixed rate i would look into a HEL or HELOC as @Ralph R. mentioned , one is a bit different than the other.

Taking in more debt is not necessary bad, if your new purchase is done right your income from there should offset the new debt you take in on the main property and be in profit, but again numbers come into play and you need to make sure the numbers work for you. 

Don't jump on a deal just because, make sure it's a deal and it works for you and your plan.   

@Matthew Dunn 

You say you have $100K in equity but didn't post the buying price. 

What is your % of equity based on current prices/ARV. That would tell you if you are able to use your equity or not. On refinances with cash out you would look at maybe getting a max of 75%(maybe 80% if you find the right bank) out of your property . Would that be enough for you? Do you have more over 25% equity in it?

Also from what i understand your main residence is on a adjustable rate, is that correct ?